Comments
GVK Power & Infrastructure Limited has posted a of Rs 132.78 crore for the first quarter ended June 30, 2019 as against a loss of Rs 54.29 crore on a consolidated basis.
The Hyderabad-based infrastructure logged in total revenue of Rs 1042.12 crore as against Rs 1106.33 crore for the corresponding quarter of previous fiscal.
In FY19, the company had closed with a total loss of Rs 306.83 crore and total revenues of Rs 4363.10 crore.
It also has receivables aggregating to Rs 760.97 crore. The company also provided guarantees for loans amounting to Rs 7804.62 crore taken by GVK Coal as on June 2019.
GVK Power and Infrastructure Limited will provide financial assistance of $ 7.61 million, to an entity whose current liabilities exceeds $2 billion.
The company asaid that it has not been able to achieve financial closure resulting in delays in commencement of mine development.
Certain lenders of GVK Coal have classified the loan as non performing and the lenders had an option to curtail the rights of the company, but the lenders have not yet exercised the option.
The company gas based projects have been impacted due to lack of fuel supplies.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.